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WTF are litecoin and bitcoin

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  • Windows 8
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December 8, 2013 1:55:38 AM

I have no idea where this thread belongs, but can anyone give a quick explanation of what litecoin and bitcoin is. I read a few articles but they didn't explain much to me.

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December 8, 2013 2:10:46 AM

simply put they are internet currency. you can buy stuff from online stores with bitcoin/lite coin. even i dont know much about them so here is a site that should answer your questions :D 

http://bitcoin.org/en/faq#what-is-bitcoin
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December 11, 2013 9:57:05 AM

Simply think of it as currency you can mint yourself.
However it gets exponentially(1,2,4,8,16,32,64 ... like that) difficult by the week so....
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December 11, 2013 11:57:13 AM

I kind of understand it now I think. What still gets me tough is why was it started? Was it something to reimburse people for letting companies use their computers to do calculations, kind of like paid folding at home? Or just a new currency that people think would work better than centralized money.
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December 18, 2013 1:12:20 AM

Hope this helps you woltej1,
Bitcoins and litecoins are both crypto currencies. How it works? Simple really, just buy bitcoin miner hardware called a miner. Mining must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of bitcoins is processed.
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December 18, 2013 6:41:36 PM

can anyone answer what gives these coins any value? Why are they worth anything in the first place if the way to get them is to solve arbitrary equations.
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December 19, 2013 4:40:30 AM

It's like trading shares.
You buy some bitcoins from the exchange, and generate more using them as seed.
However, it has become so difficult now, that competition is getting very fierce, there are enthusiasts for this thing as well.
Earlier the people having the hardware were making money, now the people in the exchange are.
The thing is that, the price of one bitcoin is very high, that's making this a very attractive proposal(Somewhere around $125).
The litecoin is easier to generate than the bitcoin, so people are mining them instead now.
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December 19, 2013 5:07:49 PM

trading stock shares makes sense, they represent ownership of a physical company that itself is either getting stronger or weaker and is represented in its shares. Bitcoining seems more like people trading items in a video game. Completely arbitrary pieces of data generated from within its own program not tied to the outside world directly.
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December 19, 2013 10:55:18 PM

It's just as an example.
However, making money happens on both ends, so it's a business nonetheless.
The funny thing is that only 21 million bitcoins will ever exist, and we're halfway already in 3 years. As the number grows nearer, it will become ever more difficult to mine bitcoins. For litecoins the limit is 4 times of that.
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